Shriram Automall sells over 5,600 vehicles, equipment during 1-day bidding event

Shriram Automall, a pre-owned vehicle exchange platform, on Tuesday said it sold over 5, 600 vehicles and equipment, generating worth Rs 130 crore of business during a bidding event held across 100 cities. The day-long event 'Utsav', which was also conducted online, saw as many as 100 auctions taking place. It also had over 11,400 inventories tagged, including trucks, cars, two- and three-wheelers, agricultural tractor and construction equipment from various clients, Shriram Automall India Ltd (SAMIL) said in a statement.

The clientele includes banks and non-banking financial companies, insurance firms, original equipment manufacturers and their dealerships, vehicle aggregators, rental and leasing companies, among others, it said.

SAMIL Director and CEO Sameer Malhotra said, "This indeed is history created by conducting over 100 physical bidding auctions in 100 cities across the country in a single day where over 20,000 persons came to participate at SAMIL Utsav and over 130 crore worth of transactions were done."

The platform is seeing strong recovery trends in demand of used vehicles and equipment and price realisation are getting better, he said adding that SAMIL as a company is growing both organically and inorganically.

SAMIL is part of Shriram Transport Finance Company Ltd and MXC Solutions India Pvt Ltd, offering the exchange of used vehicles and equipment including commercial and passenger vehicles, two- and three-wheelers, construction and farm equipment.